New business-pay tax 1st year?

Builderfromhell

My wife opened her new business last January and has been paying PAYE and PRSi for her only employee since March.
It is my understanding that she does not need to submit atax retrun for her first year of business.
Should she do nothing until Jan 2012 and at thta time submit her tax retrun for 2011-2012?

Thanks.

tbabit

She will submit her return for 2010 by October 31 2011 or mid November if she uses Revenue Online Service. She will pay her liability for 2010 by the above dates and she will also pay preliminary tax for 2011 at the same time. It is advised to calculate any liability asap and not wait until the deadline.

J.Ryan

She is not obliged to file her 2010 until 31 October 2012, however as she will also be filing her 2011 tax return on that date, paying the tax liabilities for both years and preliminary tax for 2012 also, it might be better to do the accounts and calculations so at least she knows her liabilities.


She was obliged to file a preliminary tax declaration for 2010 (but a Nil return would have sufficed), a return will have to be made in 2011.

Builderfromhell

Thanks for info.